BATON ROUGE, La. (Associated Press) — Lamar Advertising Co. (LAMR) on Friday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in Baton Rouge, Louisiana, said it had funds from operations of $220.7 million, or $2.15 per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
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The company said it had net income of $147.4 million, or $1.44 per share.
The outdoor and transit advertising company, based in Baton Rouge, Louisiana, posted revenue of $564.1 million in the period.
Lamar expects full-year funds from operations in the range of $7.85 to $7.95 per share.
